NEW YORK (TheStreet) -- Hanwha Solarone Co. (HSOL) stock is tumbling Wednesday after reporting a sequential quarterly drop in earnings and revenue over the March-ending period. By early afternoon, shares had dropped 9.4% to $2.50.
The renewable energy company reported net losses of 24 cents a share, 20 cents wider than a quarter earlier. Revenue tumbled 12.1% quarter on quarter to $213.9 million.
"Our first quarter results were primarily impacted by (1) a slowdown in demand in China due to seasonality and delayed project installation, as customers anticipated more lucrative government subsidies later this year, and (2) the unexpected devaluation of the Renminbi, which resulted in a foreign exchange loss for the quarter," chairman and CEO Mr. Seong-woo Nam said in a statement.
TheStreet Ratings team rates HANWHA SOLARONE CO LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HANWHA SOLARONE CO LTD (HSOL) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and poor profit margins."
- You can view the full analysis from the report here: HSOL Ratings Report